Special Bd. of Aldermen — 10/26/15 Page 5
type process, we would have only have put out architecture and engineering type of RFQ. That was not the
intent and then even in the memo that is before you relative to the New Market Tax Credit, there is a reference
to gross maximum price type contracting for a New Market Tax Credit. That is the exact type of contract that is
going to need to be entered into. These are not new concepts, these are just the way the construction industry
works and we were planning on following that type of process.
Alderman Lopez
As we are creating a non-profit, is it a precursor to being able to accept the New Market Tax Credits, because |
am just wondering non-profits don’t always start on time. They have to get approved by the IRS and there are
articles and by-laws. So is that something that might hold it up, is there an existing non-profit that we could
use.
Mr. Cummings
Mr. President if | may? In one of the documents that you have there is a strategic guiding document that
outlines that we should develop a strategic partnership with City Arts Nashua and we will be looking to execute
upon that in the next couple of weeks.
Alderman Lopez
Ok | am very relieved to hear that.
Alderman Jette
| have another question. You talked about raising money through these tax credits, a lot of us are not familiar
with tax credits, the fact that they are tax credits, it is still private money that is coming forward right?
Mr. Cummings
Yes.
Alderman Jette
Could you explain a little bit about that.
President McCarthy
If we are going to have a presentation from the tax credit consultant I’d rather do that there because it is a
lengthy topic.
Alderman Jette
Ok.
Alderwoman Melizzi-Golja
Yes thank you. Director Cummings, thank you for including the strategic document around an operational
plan. | know a number of us around the horseshoe have been involved in looking at the samples that were
sent and in providing input, probably more than Director Cummings really. One, in putting this together but |
think when you look at this and | know it will be posted with the minutes, it speaks clearly to the City not
operating the Performing Arts Center but that it will be operated by a third party private operator, which is what
we certainly heard loud and clear when there was conservation a year ago about this project.
